The recent death of famed art collector Sheldon Solow has raised in my mind the more common question for estate planners about what to do with art in an estate. Once a person starts accumulating Art, their mind often turns to forming a Collection. Any estate planner for the collector should ask some hard questions. The fact is that Art of every description are sold each year as adding to a collection; unhappily, most of these collections fail in the long or short term to be financially or artistically successful and end up being broken up at the death of the Collector. If you are intent on creating a collection, here are a few thoughts on what to do, and not do, from an estate planner’s perspective.
Since the great majority of collections are financed out of your own pocket, the high failure rate of collections to add financial or social value should be a sobering statistic for your family. It may be fortunate for the art economy as a whole that so few buyers are daunted by the decline in the financial value of art, but it is hard on the individuals who inherit the art to make it a lasting collection.
Much of the popular material on Collecting is ebullient in its optimism. It can be hard to keep one’s head in the face of popular literature extolling the giant winners in the game— Saatchi, Guggenheim, Kravitz and their peers, creators of new collections, indeed new categories of Art, which dominate the market and return hundreds of times the initial investment. The giants are an integral part of the mystique of Art collecting, but a Kravitz comes along once in a lifetime.
The odds against hitting big are astronomical. Accordingly, books which record the anecdotal history of how J.P. Morgan or Henry Frick put together their collections make fine reading, but the home-run expectations they promote can be dangerously intoxicating. A Collector faced with the “go, no go” decision—whether or not to invest his savings in a new collection—is fooling himself if he stacks the reward side of the equation with the possibility of making hundreds of millions of dollars. It sometimes happens, of course, and someone has to win the lottery, but the vision of those sugarplums is not a sound basis for an intelligent collecting decisions. To be sure, it remains realistic for many collectors to think of big rewards, perhaps even millions of dollars, albeit after a long period of enormously hard work and great risk. Nonetheless, it is important to understand that in the vast majority of the collections—indeed, for the majority—the returns on the founder’s investment (and that investment must be calculated to include opportunity costs) are modest. Many founders may be satisfied, but their heirs find that, at the end of the game, the Collection has either lost money.
There is a saying, attributed to Lord Palmerston, that many foolish wars have been started because political leaders read small maps. Many collections have been imprudently started because of the founder’s inability to understand how difficult it is to achieve a significant Collection. Some art investments have, in fact, outperformed the stock market in the postwar years and, in many cases, quite handsomely. There have been periods when 25 percent compounded rates of return have been available to the investors; indeed, substantially higher rates have been achieved by many contemporary art collectors, and over long periods of time. But it is an economic impossibility to compound any substantial sum of money at a 25-percent rate of return indefinitely. It is o0ften the estate planner’s job to point out that reading the success stories in the papers is all well and good, but you need to focus on is the hard work and risk involved in collecting .
Having said all this, what is good advice for a collector who is making the threshold decision to take their art and make it into a successful Collection?
First understand that is “stuff” and what is a collection. Stuff, even stuff of significant value and rarity, is mainly decorative. A collection is acquired based narrower personal criteria on qualities of the art, mainly based on the collector’s experience. Once you understand that just buying what you like is fine for stuff but not for collections you can build a collection, and to properly build a collection of art, you should buy 1) Art do you like, 2) Art that is reasonably priced, and 3) Art that experts consider “good” artwork.
Eventually, you may need to hire a curator for your collection. In some cases, this may be a graduate student as the part time curator for your collection. With a curator focuses on cataloging, and formatting, the collection to include the entire history of the collection with a specific eye towards complementing the current collection at a museum.
For most Collectors part of the ownership of art is a stewardship of the work, and that art should be on display. So, you should think about having an active loan program, and be active in having events where the artwork is on display.
Creating a successful collection is not about wealth, it is about knowledge. Your experience of gained by many long years means that you can balance the various factors which determine price (condition, rarity, etc.) and earn the respect of the art dealers you work with. In events like an auction, go in person. Left bids will get gamed, and driven up as the amount is “bid in”.
As an estate planner, I know that not everyone who owns art is a Collector. Do not be tempted by the tale of easy riches and fame from the inheritance of storied Art Collection in the press. These returns are the result of hard work and time spent developing the Collection so that it “comes alive”. You will need to develop the skills and experience of the Collector or hire a curator and other professionals who already have that experience, to be an able successor to the owner of the collection.
Before you continue
- Deliver and maintain services, like tracking outages and protecting against spam, fraud and abuse
- Measure audience engagement and site statistics to understand how our services are used
- Improve the quality of our services and develop new ones
- Deliver and measure the effectiveness of ads
- Show personalised content, depending on your settings
- Show personalised or generic ads, depending on your settings, on Google and across the web
For non-personalised content and ads, what you see may be influenced by things like the content that you’re currently viewing and your location (ad serving is based on general location). Personalised content and ads can be based on those things and your activity, like Google searches and videos that you watch on YouTube. Personalised content and ads include things like more relevant results and recommendations, a customised YouTube homepage, and ads that are tailored to your interests.
Visit the city's tiniest art gallery: Five things to do in Saskatoon this weekend – Saskatoon StarPhoenix
In an effort to help Saskatoon residents share art with one another, Suzy Schwanke has created the Free Little Art Gallery YXE outside her home at 332 Hilliard St. E.
Whether you’re interested in art, a virtual party, some outdoor activities or cleaning up around the house, there’s a little bit of something for everyone this weekend in Saskatoon.
1. Visit the Free Little Art Gallery
In an effort to help Saskatoon residents share art with one another, Suzy Schwanke has created the Free Little Art Gallery YXE outside her home at 332 Hilliard St. E. Designed in the style of community libraries and kitchen boxes, visitors to the gallery can take a piece of art, leave a piece of art, or do both. You can check out some of the artwork on Instagram @Freelittleartgalleryyxe.
2. Hit up The Bassment’s virtual party
Featuring the music and talents of eight Saskatoon bands, The Bassment presents InTune 2021 — a free online party playing from 2 to 9 p.m. on Saturday and Sunday. The shows will be streamed live through the Bassment’s Facebook and YouTube pages.
3. Check out local performers
Watch as some of Saskatoon’s performing artists share their work in Episode 1 of Persephone Theatre’s Open Stage, which was published earlier this month. The episode is available to watch whenever you want at persephonetheatre.org and features Peace Akintade, Kathie Cram, Amanda Trapp, Sketchy Bandits, Carla Orosz and Ellen Froese.
4. Have some family fun
The Fuddruckers Family Fun Centre (2910 8th St. E) is open from 10 a.m. to 11 p.m. Monday through Sunday, weather permitting. Families can practice their skills on the 18-hole Putt N’ Bounce miniature golf course, reach new heights on The Rock climbing wall or take a swing at the Grand Slam batting cages. More information is available at fudds.ca or by calling 306-477-0808.
5. Drop off your hazardous waste
The City of Saskatoon is holding its first Hazardous Household Waste Drop Off of the year on Sunday from 9 a.m. to 3:30 p.m. at the Civic Operations Centre (57 Valley Rd.). The drop off is open to Saskatoon residents from residential properties only. Products eligible for drop off include aerosols, automotive fluids, batteries, cleaners, light bulbs, yard chemicals and more. Learn more at saskatoon.ca/hazardouswaste.
The news seems to be flying at us faster all the time. From COVID-19 updates to politics and crime and everything in between, it can be hard to keep up. With that in mind, the Saskatoon StarPhoenix has created an Afternoon Headlines newsletter that can be delivered daily to your inbox to help make sure you are up to date with the most vital news of the day. Click here to subscribe.
YK ARCC celebrates 10 years by pushing for NWT art gallery – Cabin Radio
Its trailer doubles as one of the NWT’s only art galleries. Now, the Yellowknife Artist-Run Community Centre is turning 10 years old.
The group, YK ARCC for short, formed in 2011 in a downtown Yellowknife church scheduled for demolition. “There was always something going on,” recalled Métis artist Rosalind Mercredi, owner of the city’s Down to Earth Gallery, who was YK ARCC’s first president.
“I think it was so good to be able to have a space where people wanted to work on stuff and, if they had bigger projects they wanted to do, there was a space to do it. It was pretty vibrant times, I would say, for art.”
Though the organization stayed in the church for less than a year, it has brought art and shows to Yellowknife since. Temporary homes have included an apartment above a Vietnamese restaurant and empty spaces in the Centre Square Mall.
Casey Koyczan, a Tłı̨chǫ artist from Yellowknife pursuing a Master of Fine Arts degree at the University of Manitoba, held some of his first shows with YK ARCC’s help.
“It really helped to be able to show work within an environment that was conducive to more of a fine arts aesthetic as opposed to … a coffee shop, or a pub, or something like that,” said Koyczan, who was on YK ARCC’s board.
“YK ARCC felt like it was getting to more of a formal-exhibit kind of feel.”
‘We need a territorial gallery’
The group made headlines shortly after opening a mobile art gallery in a trailer. At the beginning of the pandemic, the team took art to residents by accepting reservations through Facebook then driving the gallery to make house calls in different neighbourhoods.
“Because it’s so small, we might be the only gallery in Canada that didn’t have to close,” said longtime board member Sarah Swan. “It has a limited capacity. We knew we could still operate it safely.”
Yet the trailer’s success simultaneously illuminated what YK ARCC’s members believe is a glaring deficiency in the NWT: the absence of a territorial gallery.
The cost of rent makes it difficult for the non-profit to hold on to one space for any length of time. Many of the spaces that are available in Yellowknife don’t work well for art shows.
“We need a territorial gallery,” former board member Dan Korver said.
That doesn’t mean a commercial gallery geared toward profit, he clarified. Instead, Korver wants a space where artists can show their work and engage with an audience “for art’s sake.”
The Prince of Wales Northern Heritage Centre is the only large-scale, non-commercial, gallery fitting that bill in the NWT. It hosts two fine art exhibits a year.
“It’s just simply not enough,” said Swan. “There are so many more artists and so much more work out there to show, so many more ideas.”
“We created the mobile gallery in the first place to feel that exhibition gap, but also, we created it to be a piece of agitation in itself. That’s why we called it the Art Gallery of the Northwest Territories.
“It’s really pathetic that our territorial gallery is a trailer. We all joke that if there ever is a real gallery of the Northwest Territories that’s not in a trailer, we’ll happily give the name back.”
Koyczan described obstacles in establishing his career that stemmed directly from the lack of a territorial art gallery.
“Back when I was showing at YK ARCC, it wasn’t recognized by the Canada Arts Council,” he said. “Therefore, when you go to apply for grants and funding … and you provide your CV saying that you showed work at YK ARCC, they check their records and say the show basically didn’t exist because they don’t recognize it as a legitimate gallery.
“I’ve had to work really hard on exporting myself and making artwork that is impactful so that, regardless of where I was located, it would be recognized by people in the south, or around North America, or internationally.
“The NWT needs a contemporary gallery. It’s just holding us back, not having that space.”
‘No GNWT mandate’ for a gallery
In a written statement to Cabin Radio, the territorial Department of Education, Culture, and Employment said it has no plan to create a territorial gallery.
The department said it “does not have a mandate to create physical infrastructure for the arts.”
“However,” the response continued, “the GNWT would be happy to work with regional organizations to see how the GNWT can support their plans.”
Korver believes government involvement in creating an artist-run centre or non-commercial gallery should be limited to provision of funding, so any gallery can remain community-driven and independent.
“We need that physical space, but how do you run it?” he wondered. “Is it better to just provide a grassroots organization – or organizations, maybe there shouldn’t just be one – with stable funding so they can provide those spaces and run those spaces?”
More spaces that can host art are on the way.
Makerspace YK moved into the old After 8 pub this January and is planning workshops and exhibits. The City of Yellowknife expects to open a visitor centre in the Centre Square Mall that would include art displays.
Meanwhile, the territorial government is set to release its updated NWT Arts Strategy this June. The previous territorial arts strategy, released in 2004, had identified a need for more arts spaces.
As a gallery owner, Mercredi said she is curious to see how the strategy is implemented.
“You can make a strategy but if the plan doesn’t have an implementation idea behind it, then really just sits,” she said. “How do you implement it when most of the arts organizations don’t have enough infrastructure or people to put those things together?”
Swan said YK ARCC will continue to run its mobile gallery while celebrating its 10th anniversary this year. Members have applied for funding to run a series of “emerging curator workshops.”
“Art is our passion,” Swan said. “I think there’s just this drive to share.
“Because we know how good art can be, or how amazing and fully developed it can be, we want to fight for that. We want to try to grow the art community in Yellowknife.”
Latest worldwide spread of the coronavirus
Canada’s M&A boom fuels hiring spree, higher pay
Sinclair to lead Canadian women’s team in her fourth Olympics
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Business16 hours ago
Self-driving truck tech firm Embark to go public via $5.2 billion SPAC deal
Business14 hours ago
Your Education and Certificates Need to Align the Job Requirements
Business16 hours ago
4 Simple Reasons Why Doing Business With the Right Safety Equipment Supplier Matters
Economy15 hours ago
Canadian retail sales slide in April, May as COVID-19 shutdown bites
News14 hours ago
Canada Energy Regulator allows resumption of Trans Mountain oil project
Business13 hours ago
Interac: Canada’s Latest Payment Solution Phenomenon
Economy15 hours ago
Canadian dollar notches a 6-day high
News16 hours ago
Senate vote opens way for single event betting